Tony Amaradio, the Writer of “Faithful with Finances” Book, Explains How A Family Can Live on A Single Income

In 46% of two-parent households, both adults work full-time—a significant 15-point increase since 1970. Yet, according to visionary financial expert Tony Amaradio, living on a single income is entirely achievable. “Earning two paychecks but spending only one can be incredibly freeing,” he explains. “It simplifies the process of getting one’s financial house in order.” As the founder of Select Portfolio Management, Inc. and Select Money Management, Inc., specializing in designing, implementing, and monitoring client portfolios, Amaradio notes that the motivation for living on one income varies among families. “Some prioritize eliminating debt, using the second paycheck to pay off creditors,” he says. “Others focus on catching up on retirement savings.” Additionally, he has counseled couples who donate their additional income to charity, and those seeking to realign their spending habits to live more within their means.

For those who might consider leaping to live on a single income, Tony Amaradio advises that discipline is key. He suggests that small changes in spending habits can reap tremendous savings. People may, for example, pay monthly fees for services they no longer use or that could be obtained free of charge. Because Americans spend as much money dining out as they do buying groceries, cooking meals at home instead of frequenting restaurants will slash food expenditures. Choosing different entertainment options, such as borrowing DVDs from the library rather than springing for movie tickets and popcorn, will also save money. Amaradio suggests that creativity can fuel other lifestyle adjustments and conserve cash. Virtually everyone has items stashed around the house that could be repurposed, bartered, traded, and maintained, thus eliminating the need for additional purchases. Similarly, household expenses that seem set in stone may not be. Amaradio recommends that families review every expenditure and try to negotiate lower rates. Cable television fees and credit card interest rates can be lowered, while shopping for more reasonable auto insurance rates or a health plan that aligns costs with needed services can shave money off of fixed expenses.

When a family moves from dual incomes to a solo salary, Tony Amaradio states that communication must be a priority. Tackling a budget as a team and agreeing to make sacrifices in service of a larger goal can bring couples closer together and teach children crucial lessons about the value of money and the importance of cooperation. With proper planning and dedication, Amaradio says that living on a single income is within reach for many families. “It’s simply a matter of making a series of choices that will lead to significant rewards,” he concludes.

In addition to being a wealth management innovator, Tony Amaradio is a sought-after presenter who travels the U.S. speaking about advanced market strategies. He and his wife, Carin, are philanthropists and co-authors of the inspirational book, “Faithful with Much: Breaking Down the Barriers to Generous Giving.” The couple assists nonprofit organizations in capacity building and in guiding major donors toward becoming more effective benefactors. 

Anthony Amaradio – Visionary & Strategic Philanthropist: https://anthonyamaradionews.com

Tony Amaradio – The Best Thing You’ve Ever Done! on Vimeo: https://vimeo.com/313895972

Anthony Amaradio – Facebook: https://www.facebook.com/Anthony-Amaradio-580623782054204/